Yves is an accountant charged with negligence by Zesty Soup Company, a client. Yves may successfully defend against the claim if he can show that
A. scienter was lacking.
B. he complied with all International Financial Reporting Standards.
C. the negligence was not the proximate cause of the client's losses.
D. the negligence was only contributory.
Answer: C
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A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is:
A. Debit Miscellaneous Expenses $25.00; credit Cash $25.00. B. Debit Petty Cash for $75.00; debit Cash Over and Short $175.00; credit Cash $200.00. C. Debit Cash Over and Short for $12.50; credit Petty Cash $12.50. D. Debit Cash $125.00; credit Petty Cash $125.00. E. Debit Petty Cash $100.00; credit Cash $100.00.
First-in, first-out (FIFO) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed.
Answer the following statement true (T) or false (F)
In the case of insolvency, the claims of debt are honored prior to those of common stock and after
those of preferred stock. Indicate whether the statement is true or false
The sales force of Oceania Insurance successfully closed 362 sales out of 1,500 sales calls. What was their percent success rate? (Round to the nearest whole percent)
A) 56% B) 24% C) 42% D) 74%